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Mortgage Interest deduction Issues

I have a primary and secondary residence.  Combined loan amounts under $750,000.  I have two 1098's for primary residence of $10,000 and one 1098 for secondary residence $13,000.   After entering the mortgage interest for primary and secondary, Schedule A only shows the primary mortgage interest.   I deleted the secondary information and re-entered it again, but it still won't add in the secondary residence. 

Should I override it and can I still efile my taxes with an override?  Or are there tax changes that I don't know about. 

Thank you.

  

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1 Best answer

Accepted Solutions
DMarkM1
Expert Alumni

Mortgage Interest deduction Issues

No. You should not override and no tax changes that affect your situation.  For the multiple 1098 entries it is usually best to start from scratch.  Delete both 1098 entries on the "Home Loan Deduction summary" page and click Done.

 

Next re-enter the forms 1098 as follows:

 

  1. Primary home oldest loan
  2. Primary
  3. None of the above or as applicable
  4. Enter form information
  5. I have no points or as applicable
  6. Is this the most recent 1098?  NO
  7. Is this a refi or HELOC?  Neither or as applicable
  8. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
  9. Add a lender Do not click Done
  10. Next, work the Primary home most recent mortgage
  11. Primary
  12. None of the above or as applicable
  13. Enter the form information
  14. Is this the most recent 1098?  YES
  15. Is this a refi or HELOC?  Neither or as applicable
  16. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
  17. Add a lender Do not click Done
  18. Finally, work the second home
  19. Second Home
  20. None of the above or as applicable
  21. Enter form information
  22. Yes secured by a property you own
  23. I have no points or as applicable
  24. Is this the most recent 1098?  Yes
  25. Is this a refi or HELOC?  Neither or as applicable
  26. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
  27. Continue and Done

 

If this does not show the results you are expecting you should re-post here with any special circumstances such as refi's or HELOCs.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
DMarkM1
Expert Alumni

Mortgage Interest deduction Issues

No. You should not override and no tax changes that affect your situation.  For the multiple 1098 entries it is usually best to start from scratch.  Delete both 1098 entries on the "Home Loan Deduction summary" page and click Done.

 

Next re-enter the forms 1098 as follows:

 

  1. Primary home oldest loan
  2. Primary
  3. None of the above or as applicable
  4. Enter form information
  5. I have no points or as applicable
  6. Is this the most recent 1098?  NO
  7. Is this a refi or HELOC?  Neither or as applicable
  8. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
  9. Add a lender Do not click Done
  10. Next, work the Primary home most recent mortgage
  11. Primary
  12. None of the above or as applicable
  13. Enter the form information
  14. Is this the most recent 1098?  YES
  15. Is this a refi or HELOC?  Neither or as applicable
  16. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
  17. Add a lender Do not click Done
  18. Finally, work the second home
  19. Second Home
  20. None of the above or as applicable
  21. Enter form information
  22. Yes secured by a property you own
  23. I have no points or as applicable
  24. Is this the most recent 1098?  Yes
  25. Is this a refi or HELOC?  Neither or as applicable
  26. If a refi, answer on how the funds were spent; if only spent on the home then answer "Yes"
  27. Continue and Done

 

If this does not show the results you are expecting you should re-post here with any special circumstances such as refi's or HELOCs.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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